DETROIT – American Axle & Manufacturing Inc. (AAM) has priced its previously announced offering of $550 million in aggregate principal amount of 6.625 percent senior notes due 2022 at an issue price of 100 percent in a public offering, subject to customary closing conditions.
The notes will be unconditionally guaranteed on a senior unsecured basis by AAM Holdings and certain AAM present and future domestic subsidiaries.
AAM says it intends to use the net proceeds to fund the repurchase of any and all of its outstanding 5.25 percent Senior Notes due 2014 in its concurrent tender offer and consent solicitation, including the payment of accrued interest and any applicable early tender premium, to fund the partial redemption of its 9.25 percent Senior Secured Notes due 2017 pursuant to the terms thereof and to fund certain pension obligations and for other general corporate purposes.
J.P. Morgan, BofA Merrill Lynch, Barclays, Citigroup and RBC Capital Markets are joint book-running managers for the debt offering.
